Payment cards make purchasing convenient not only for consumers and businesses, but for fraudsters, too. Global fraud losses from payment cards in 2018 reached $27.85 billion, according to the latest numbers from The Nilson Report, a card and mobile payments trade publication. As large as those losses are, they only amount to $10.83 for every $100 of spending by credit card users, which is actually lower than the previous year, $11.12 per $100.
[ Keep up with 8 hot cyber security trends (and 4 going cold). Give your career a boost with top security certifications: Who they're for, what they cost, and which you need. | Sign up for CSO newsletters. ]That may be why credit card issuers believe they have fraud under control. "What worries most credit card sponsors more than fraud is unfairly blocking a consumer’s legitimate transaction," says Roger Grimes, a defense evangelist at KnowBe4, a security awareness training provider. "Most of the evolving and newer systems aren’t trying to detect credit card fraud better. What they are trying to do better is prevent losing customers from blocking legitimate transactions. So, shockingly, most of the activity is in preventing 'false-positives' and not in actually decreasing real fraud."
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